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received through the IMF administrative account mechanism. The loan repayment period is 10 years and the interest rate is 1.69% per annum. The conditions will remain the same for additional tranches of the loan.
US Democrats urge new $650B IMF aid for Ukraine’s war hit. Key Democratic congressional allies are urging President Joe Biden’s administration to support a new injection of resources for affected countries from the IMF to help them deal with the fallout from Russia’s invasion of Ukraine, reported Bloomberg. Issuing at least $650B in additional IMF reserve assets known as special drawing rights, or SDRs, after a similar move last year would help Ukraine, its neighbors, and developing countries respond to the crises that they face on top of Covid-19, the lawmakers said. These include food shortages, rising energy prices, and weak vaccination rates in low-income nations.
US announces $270 million military aid package for Ukraine, including HIMARS. The package includes four HIMARS multiple rocket launchers, up to 580 Phoenix Ghost drones, and 36,000 rounds of artillery ammunition, according to John Kirby, the National Security Council’s coordinator for strategic communications.
People injured in Russian strike on Odesa's port. Odesa Oblast Governor Maksym Marchenko didn't specify the number of people injured. Marchenko called the missile attack on Odesa “a message to the UN and the world that Russia is not going to negotiate or stop,” adding that all agreements with Russia “are not worth the paper they are written on.” Russia attacked Odesa with Kalibr cruise missiles on July 23.
EU falls behind promised aid to Ukraine. The €9bn help promised by the EU two months ago has not arrived in Ukraine yet, as the bloc is confronting the prospect of severe economic pain, according to Bloomberg. The bloc has only managed to agree on a €1bn initial tranche that covers a ninth of the promised sum.
The EU has approved another €500M tranche of military aid to Ukraine.
The Council of the European Union approved the allocation of the fifth tranche from the European Peace Fund (EPF) in the amount of €500M to support the Ukrainian military. The head of the EU Council, Charles Michel, announced on Twitter. "Europe continues to work for peace and the protection of our values. I welcome the political agreement of the EU Council regarding the fifth tranche for Ukraine under the EPF," he said. According to him, EU military equipment support for the Armed Forces already amounts to €2.5B.
The USA has encountered problems in organizing supervision over the spending of funds. A member of the US Congress, Victoria Spartz, reported on the issues that the US has faced in trying to help Ukraine during the war, noting that some of them relate to the supervision of allocated funds. She added that “Republicans and Democrats are very worried about how we will supervise a large amount of money we have spent in Ukraine. That is, the problem I am talking about exists at the bipartisan level! And you need to solve it! There will be big problems in Ukraine if the Ukrainian government cannot come to an agreement with us now. Ukrainians don't understand that Congress oversees where and on what American money is spent.”
47 UKRAINE Country Report XXXX 2018 www.intellinews.com